Thursday, 1 October 2015

Fewest homes for sale nationwide for at least eight years

Posted: 30 Sep 2015 04:11 PM PDT

Market demand continues to push up prices and fuel high turnover

 AUCKLAND, 1 October 2015 – There are now fewer residential properties listed
for sale nationwide than at any time since 2006, potentially longer, according to new
data released by The largest New Zealand website dedicated only
to property represents over 97% of all agent supplied property listings in the country
– more than any other single resource. The data shows that in September there were
only 30,988 properties for sale across New Zealand.


"Historically, the number of homes for sale tends to be fairly stable, following gradual,
long-term trends," says Brendon Skipper, CEO of "Given that the
number of homes for sale when we started keeping records in January 2007 was nearly
43,000, we can safely assume that this is the fewest homes on the market in New
Zealand for a much longer time, possibly a decade."

Over the last eight years, the number of the homes for sale climbed steadily to a high
point of 58,137 in April 2008. It remained consistently near 50,000 for another three
years, before starting a slow, steady decline to the present level.

"We use a metric we call inventory, a measure of supply and demand that indicates
how long it would take, in theory, for all the current properties on the market to be
sold at the average rate of sales. In September, inventory nationally dropped to its
lowest level since we've started keeping records," says Skipper.

"We have only 16.3 weeks of inventory compared to the long-term average of 35 weeks.
In our main centres, the situation is even more extreme. In Auckland, the inventory is
only 9.6 weeks and in Wellington 11.1 weeks."

The current inventory levels across all 19 regions of New Zealand are now below their
respective long-term regional averages.

More new listings, but properties do not stay on market for long

"The fact that inventory is so low may seem surprising, given that we have seen an
increase in listings in most regions compared to September last year, especially in
Auckland, Waikato and Bay of Plenty. Significantly, these are the three regions with
the lowest level of inventory in the country, along with Wellington. The simple truth is
that these properties are now spending less time in the market, suggesting that
market pressures will remain high while the current rate of turnover continues," says


"Low inventory such as this is usually associated with a sellers' market and higher
asking prices, as we have seen in recent months."

While data for September reveals that the average asking prices in
many regions have dropped since August, the longer term trend shows strong
increases in asking price. Six regions in the country achieved their highest average
asking price in September 2015, with a further seven reaching their record in August.
The remaining six regions have all recorded their highest ever average asking price in
the last six months.


About offers buyers the shortest path to the perfect property. As the official
website of the New Zealand real estate industry, is dedicated to
property and has the country's most comprehensive selection of real estate listings
online. The site presents more than 97% of all residential, commercial and farm
properties currently marketed by real estate professionals. Being focussed exclusively
on people in need of property, offers superior functionality, including
accurate search, school zone data and a mobile app.

Source: blog

Kind regards,

Duane Turner
Territory Owner and Inspector
Office: 09 811 8018
Mobile: 027 376 4806

Waitakere & Surrounding Areas



No comments:

Post a Comment

BNZ boss warns of higher home loan rates

  The Bank of New Zealand has posted its half-year profit. Photo/Bevan Conley Increased pressure on bank margins will mean higher home ...